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Credit does not have monthly payments, but rather is due in a lump-sum payment for the full amount owed is called contract-based credit.
A contract is a legally enforceable agreement that establishes, defines, and controls the mutual rights and obligations between parties. Contracts typically include the transfer of goods, services, money, or promises to transfer at a future date. In the event of a breach of contract, victims are entitled to legal remedies such as damages and termination of contract[2]. Contract law, the field of law of obligations dealing with contracts, is based on the principle of compliance with contracts.
Contract law, like other areas of private law, varies from country to country. Various regimes of contract law can be broadly divided into common law jurisdictions, civil law jurisdictions, and mixed law jurisdictions that combine common law and civil law elements. Common law jurisdictions usually require consideration to be included for a contract to be valid, whereas civil and most mixed jurisdictions only require a disagreement between the parties.
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